E-Cigarette industry to grow fourfold by 2014

The electronic cigarette industry will grow to a whopping ten million users come mid 2014, the Wells Fargo Tobacco Talk has predicted. According to a recent report, the electronic cigarette industry is growing at an extremely rapid rate and is said to have grown four times within the last four years. The report indicates that a survey carried out on electronic cigarettes by Wells Fargo Securities Tobacco Talk; found that the e-cigarette industry is growing at an accelerated rate.

The survey revealed that the electric cigarette industry has already reached $300 million worth of revenue at retail level and is poised to surpass $1 billion within the next few years. Of the retailers polled during the survey, 30, 000 affirmed that electronic cigarettes are here to stay, refuting claims that they are just but a passing trend.

There are three main parts that make up a complete electronic cigarette. The three include a cartridge which typically contains the flavor, a rechargeable lithium battery and an atomizer which plays the role of turning the liquid flavor in the cartridge into vapors which the smoker inhales.

It is estimated that there are currently over 2.5 million electronic cigarette users and the number is expected to sustain a rapid growing trend going into the future. The Tobacco Vapor Electronic Cigarette Association has also reported that the electronic cigarette market is expected to grow four times by mid 2014.

Wells Fargo, the company that released this latest report on electronic cigarettes, is ranked the fourth largest bank in the United States in terms of assets. It equally runs as a large multinational company in the field of diversified financial services with operations based around the world.